Research

Working Papers



FinTech Lending with LowTech Pricing (with M. Johnson, I. Ben-David and J. Lee)

2024 AFA Annual Meeting



Market-Based Innovation Policy: Evidence from High-Tech Incubators in China (with Y. Pan, T. Shu and P. Zhang)

2023 ABFER Annual Meeting



FinTech, Market Power and Monetary Transmission (with Q. Wang)

2023 AEA Annual Meeting



Sales Force Incentives and Consumer Credit (with R. Ramcharan)



Surviving the Fintech Disruption (with W. Jiang, Y. Tang and R. Xiao)

R&R, Journal of Financial Economics



Selected Published Papers



Valuation of Long-Term Property Rights under Political Uncertainty (with Z. He, M. Hu and Z. Wang) 

American Economic Review, Forthcoming



Searching for Approval (with S. Agarwal, J. Grigsby, A. Hortaçsu, G. Matvos, and A. Seru) 

Econometrica, Forthcoming


 

Second Chance: Life With Less Student Debt (with M. Di Maggio and A. Kalda) 

Journal of Finance, Forthcoming



Corporate Climate Risk: Measurements and Responses (with Q. Li, H. Shan and Y. Tang) 

The Review of Financial Studies, 37 (6), 1778-1830.

Data



Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program (with S. Agarwal, G. Amromin, S. Chomsisengphet, T. Piskorski, and A. Seru)

The Review of Economic Studies, 90(2), 2023, 499-537. Lead article.



The Pass-Through of Uncertainty Shocks to Households (with M. Di Maggio, A. Kermani, R. Ramcharan and E. Yu) 

Journal of Financial Economics, 145 (1), 2022, 85-104.



Fintech Borrowers: Lax-Screening or Cream-Skimming? (with M. Di Maggio)

The Review of Financial Studies, 34(10), 2021, 4565-4618 



Comovements and Asymmetric Tail Dependence in State Housing Prices in US: A Nonparametric Approach (with H. Huang and L. Peng)

Journal of Applied Econometrics, 34(5), 2019, 843-849 

 


Interest Rate Policy Pass-Through: Mortgage Rates, Household Consumption and Voluntary Deleveraging (with M. Di Maggio, A. Kermani, B. Keys, T. Piskorski, R. Ramcharan, and A. Seru)

American Economic Review, 107(11), 2017, 3550-88 

 


Systemic Mistakes of Borrowers in the Mortgage Market and Lack of Financial Sophistication (with S. Agarwal and I. Ben-David)

Journal of Financial Economics, 123, 2017, 42-58  

 


Why Do Borrowers Make Mortgage Refinancing Mistakes? (with S. Agarwal and R. Rosen)

Management Science, 62(12), 2016, 3494-3509  

 


Collateral Valuation and Borrower Financial Constraints: Evidence from the Residential Real Estate Market (with S. Agarwal and I. Ben-David)

Management Science, 61(9), 2015, 2220-2240 

 


Foreclosure Externalities: New Evidence (with K. Gerardi, P. Willen and E. Rosenblatt)

Journal of Urban Economics, 87, 2015, 42-56 

 


The Foreclosure Discount: Myth or Reality? (with J. Harding and E. Rosenblatt)

Journal of Urban Economics, 71, 2012, 204-218 

 


The Contagion Effect of Foreclosed Properties (with J. Harding and E. Rosenblatt)

Journal of Urban Economics, 66(3), 2009, 164-178